Well It looks like we have begun the markdown phase, and have a bit of a tight wedge being formed on this downward movement.
I think we may end up bouncing up again at some point unless the market totally falls through, but there usually is a buy the dip crowd when we head down after being at extreme greed so I would expect a rally sometime between 4460-4400. Typically you break up in these descending wedges so I think we could do that and then reject on the resistance around 4520-4550.
Once that happens I think it will look a bit like a head and shoulders and we can continue downward and crack the buying pressure, probably stopping out around 4300 where we have some good support levels.
All this is just what I am thinking will play out over the next 3-6 weeks. Be patient and wait for price to really tip its hand, you will see wicks when there is buying pressure, you will see price fail to break support, then usually gap up and bulls going wild, the same thing happens on the bear side. Patience is key in these movements, but its good to have some idea of what can happen so that is my thoughts over the next month or so.
Just my happy drawings and opinions.
I think we may end up bouncing up again at some point unless the market totally falls through, but there usually is a buy the dip crowd when we head down after being at extreme greed so I would expect a rally sometime between 4460-4400. Typically you break up in these descending wedges so I think we could do that and then reject on the resistance around 4520-4550.
Once that happens I think it will look a bit like a head and shoulders and we can continue downward and crack the buying pressure, probably stopping out around 4300 where we have some good support levels.
All this is just what I am thinking will play out over the next 3-6 weeks. Be patient and wait for price to really tip its hand, you will see wicks when there is buying pressure, you will see price fail to break support, then usually gap up and bulls going wild, the same thing happens on the bear side. Patience is key in these movements, but its good to have some idea of what can happen so that is my thoughts over the next month or so.
Just my happy drawings and opinions.
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